Memorizing some randomly generated phrase is not practical. How do you safely store these information? If you are using hardware wallet you need to secure the seed words. Now if you use paper wallet you need to safeguard your private key. This seed word allows you to manage multiple crypto assets and addresses from a single device. When setting up your wallet you’ll be provided with a 24-word recovery phrase also known as mnemonic seed. These wallets have secure private key management. On the other hand with hardware wallet you get to maintain multiple key pairs. A public key which is your Bitcoin address and a private key that gives you access to that address.
A keypair is nothing but that holds two piece of data. With paper wallet you only get to maintain one key-pair.
It can be a paper wallet, hardware wallet or even a software wallet that is completely offline. Whereas cold wallets are something that is completely off from the Internet.
These wallets are connected to the Internet most of the time and so they are highly vulnerable to attacks. The difference between cold and hot wallet is that: Hot wallet is a software application that you use on your PC / Mobile. The most safest way to store your cryptocurrency long term is in a cold storage wallet such as paper wallet or hardware wallet. Recently in our forums an user asked ( link) whether is it safe to store cryptocurrency credentials like Bitcoin private keys, wallet seed words on keepass password manager? Cold storage: The ultimate solution This way even though if someone gets access to those files they cannot access your coins. Wherever you store them remember to encrypt the file that holds the private keys / seed phrase. Some store it on Ledger Nano and some use Electrum on Tails OS. Under the bed? Do you print it on paper and put it in a safe locker?Įverybody has their own way of storing private keys.
Where do you store your private keys? If it is on memory stick then how do you keep that safe? Do you store it on cloud? No, that’s really a bad idea.
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